EU Approves AT&T's Acquisition Of Time Warner - Quick Facts

(RTTNews) - The European Commission, the executive body of the European Union, has approved AT&T's (T) pending acquisition of Time Warner Inc. (TWX). The companies expect to close the transaction by the end of 2017.

"We appreciate the skilled work of the European Commission's team for their timely effort to analyze and clear the AT&T-Time Warner merger..The global clearance process is on track, and we look forward to creating a company that will lead the next wave of innovation in the media and telecommunications industries," said Bob Quinn, senior executive vice president, AT&T External and Legislative Affairs.

In October 2016, AT&T announced a definitive agreement to purchase Time Warner Inc. in a stock-and-cash transaction valued at $107.50 per share. Both the companies boards have unanimously approved the transaction. This purchase price implies a total equity value of $85.4 billion and a total transaction value of $108.7 billion, including Time Warner's net debt.